Pinnacle West Capital Corp (PNW) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Pinnacle West Capital Corporation 2025 second quarter earnings conference call. (Operator Instructions)

大家好，歡迎參加 Pinnacle West Capital Corporation 2025 年第二季財報電話會議。（操作員指示）

It is now my pleasure to turn the floor over to your host, Amanda Ho. Ma'am, the floor is yours.

現在我很高興將發言權交給主持人 Amanda Ho。女士，請您發言。

Thank you, Matthew. I would like to thank everyone for participating in this conference call and webcast to review our second quarter earnings, recent developments, and operating performance. Our speakers today will be our Chairman, President and CEO, Ted Geisler; and our CFO, Andrew Cooper; Jacob Tetlow, COO, is also here with us.

謝謝你，馬修。我要感謝大家參加這次電話會議和網路廣播，回顧我們第二季的收益、最新發展和經營業績。今天的演講嘉賓是我們的董事長、總裁兼執行長 Ted Geisler；以及我們的財務長 Andrew Cooper；營運長 Jacob Tetlow 也與我們在一起。

First, I need to cover a few details with you. The slides that we will be using are available on our Investor Relations website along with our earnings release and related information. Today's comments and our slides contain forward-looking statements based on current expectations and actual results may differ materially from expectations.

首先，我需要向您介紹一些細節。我們將使用的幻燈片以及我們的收益報告和相關資訊均可在我們的投資者關係網站上找到。今天的評論和我們的幻燈片包含基於當前預期的前瞻性陳述，實際結果可能與預期有重大差異。

Our second quarter 2025 Form 10-Q was filed this morning. Please refer to that document for forward-looking statements, cautionary language, as well as risk factors and MD&A sections which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures. A replay of this call will be available shortly on our website for the next 30 days. It will also be available by telephone through August 13, 2025.

我們的 2025 年第二季 10-Q 表已於今天早上提交。請參閱該文件中的前瞻性陳述、警示性語言以及風險因素和 MD&A 部分，其中指明了可能導致實際結果與我們的揭露內容有重大差異的風險和不確定性。本次通話的重播將在未來 30 天內在我們的網站上提供。截止到 2025 年 8 月 13 日，您也可以透過電話取得該資訊。

I will now turn the call over to, Ted.

現在我將電話轉給泰德。

Thank you, Amanda, and thank you all for joining us today. Our second quarter financial results are in line with our annual guidance. Before Andrew discusses the details of these results, I'll provide a few updates on recent operational and regulatory developments.

謝謝你，阿曼達，也謝謝大家今天加入我們。我們第二季的財務表現與我們的年度預期一致。在安德魯討論這些結果的細節之前，我將提供一些有關最新營運和監管發展的最新消息。

As we progress through the summer season, I'm very proud to share our team continues to excel in delivering reliable service to our customers. For the third consecutive year, we set a new peak energy demand record. Our customers reached a new peak on July 9, at more than 8,500 megawatts when Phoenix reached 118 degrees, more than a 300 megawatt increase from last year's peak, and we may surpass this again tomorrow as temperatures are expected to reach at least 118 again.

隨著夏季的到來，我很自豪地告訴大家，我們的團隊繼續出色地為客戶提供可靠的服務。連續第三年，我們創下了新的能源需求高峰紀錄。7 月 9 日，當菲尼克斯氣溫達到 118 華氏度時，我們的客戶用電達到了新的峰值，超過 8,500 兆瓦，比去年的峰值增加了 300 多兆瓦，而明天我們可能再次超過這一峰值，因為預計氣溫將再次達到至少 118 華氏度。

We take our responsibility to reliably and affordably serve our customers seriously through robust planning, resource procurement efforts, and a dedicated team. I want to recognize our planners, engineers, operators, field teams, everyone that makes up the APS workforce for doing an exceptional job, making sure our customers continue to experience reliable service through our summer season.

我們透過周密的規劃、資源採購努力和專業的團隊認真承擔起為客戶提供可靠且經濟的服務的責任。我要表彰我們的規劃人員、工程師、操作員、現場團隊以及 APS 員工隊伍中的每一位成員，他們出色地完成了工作，確保我們的客戶在整個夏季繼續享受可靠的服務。

Setting a new peak does not come as a surprise, since our state continues experiencing growing customer demand, steady population growth, and economic diversity. The Arizona Commerce Authority just reported a record breaking year in fiscal 2025 with a projected 24,000 jobs created in the state, and businesses committed to investing over $31 billion in Arizona communities.

創下新高並不令人意外，因為我們的州繼續經歷著不斷增長的客戶需求、穩定的人口增長和經濟多樣性。亞利桑那州商務局剛剛公佈了創紀錄的 2025 財年，預計該州將創造 24,000 個就業崗位，企業承諾在亞利桑那州社區投資超過 310 億美元。

For the second year in a row, Arizona earned the top spot by site selection magazine for attracting business investment in the mountain region. Additionally, CNBC recently ranked Arizona in the top three states for infrastructure, which takes into account how states are delivering on customer power and data demands.

亞利桑那州連續第二年被《選址》雜誌評為吸引山區商業投資的最佳地區。此外，CNBC 最近將亞利桑那州列為基礎設施排名前三的州之一，這考慮了各州如何滿足客戶的電力和數據需求。

We're working diligently with our customers and community leaders to develop the new infrastructure needed to power our state's growth. In fact, TSMC announced earlier this month that it plans to accelerate production timelines for some planned facilities by several quarters, and we're developing accelerated construction schedules now to meet their needs.

我們正在與客戶和社區領導密切合作，開發推動我們州發展所需的新基礎設施。事實上，台積電本月稍早宣布，計劃將一些計劃中的工廠的生產時間表加快幾個季度，我們現在正在製定加速建設時間表以滿足他們的需求。

Our all of the above approach to resource planning is ensuring that we deliver reliable service to our customers every day and in the moments when it matters most, like this week. The cornerstone of our balanced energy portfolio is the Palo Verde Generating Station, which celebrated its 40th anniversary this year. We continue to invest in Palo Verde for the long term. Although we have already secured 20 year license extensions to continue operating into the 2040s, we're taking steps now to prepare for subsequent license renewals into the 2060s.

我們採用上述所有資源規劃方法，確保我們每天以及在最重要的時刻（例如本週）為客戶提供可靠的服務。我們平衡能源組合的基石是帕洛維德發電站，今年迎來了 40 週年。我們將繼續對 Palo Verde 進行長期投資。雖然我們已經獲得了 20 年的許可證延期，可以繼續運營到 2040 年代，但我們現在正在採取措施，為 2060 年代的後續許可證續期做準備。

In addition, we recently contracted to exercise a buyout option of 94 megawatts previously contracted under sale leaseback. This will allow us to continue providing reliable and low cost base load energy to our customers for decades to come.

此外，我們最近簽訂了一項合同，行使先前根據售後回租合約簽訂的 94 兆瓦的買斷選擇權。這將使我們能夠在未來幾十年繼續為客戶提供可靠且低成本的基本負載能源。

In addition to nuclear, natural gas continues to be an important part of our diverse resource portfolio. We are already developing 675 megawatts of additional natural gas generation to support reliability. Earlier today we announced a project with Transwestern Pipeline Company to support the Desert Southwest Pipeline expansion. The new pipeline will help maintain year-round regional energy reliability by expanding transport capacity of natural gas from the Permian Basin to Arizona, enabling new gas generation infrastructure to be built in support of our customers into the next decade and beyond.

除核能外，天然氣仍然是我們多元化資源組合的重要組成部分。我們已經在開發 675 兆瓦的額外天然氣發電，以確保可靠性。今天早些時候，我們宣布與 Transwestern Pipeline Company 合作進行一個項目，以支持沙漠西南管道擴建。新管道將擴大從二疊紀盆地到亞利桑那州的天然氣運輸能力，有助於維持全年區域能源可靠性，並能夠建造新的天然氣發電基礎設施，為未來十年及以後的客戶提供支援。

This new pipeline was a critical milestone for our team to secure before proceeding further with procuring new gas generation needed to support Arizona's reliability and growth. We expect the pipeline project to be in service by 2030, and we will be coordinating the development of new gas-fired generation to be in service coincident with this timing.

在進一步採購支持亞利桑那州可靠性和成長所需的新天然氣發電之前，這條新管道對我們的團隊來說是一個關鍵的里程碑。我們預計管道項目將於 2030 年投入使用，我們將協調開發新的燃氣發電項目，以便與此時間同步投入使用。

In addition to generation, we continue to make progress on our transmission investments and are on track to complete multiple transmission and substation projects for our growing customer base. With the tremendous growth and critical need to build out the grid, we have increased our investment in transmission infrastructure and expect this to continue being a strong component of our capital plan well into the future. We are evaluating additional opportunities to build FERC jurisdictional transmission for the benefit of our customers and look forward to providing additional information on this in the future.

除了發電之外，我們還繼續在輸電投資方面取得進展，並有望為不斷增長的客戶群完成多個輸電和變電站專案。隨著電網的巨大成長和建設的迫切需求，我們增加了對輸電基礎設施的投資，並預計這將繼續成為我們未來資本計畫的重要組成部分。我們正在評估為客戶建立 FERC 管轄傳輸的更多機會，並期待在未來提供更多相關資訊。

As Arizona continues to grow at unprecedented levels, reliable service for our customers is our top priority, which has led us to update our clean energy goal from zero carbon to carbon neutral by 2050. We're also transitioning away from interim targets to better reflect our near term focus of reliability and affordability for our customers, and instead we'll report intern progress in our resource plans going forward. We will rely on the integrated resource planning process to forecast the right energy mix and our all-source RFP process to support reliability through best fit, least cost resources, including dispatchable resources such as natural gas plus solar and storage.

隨著亞利桑那州繼續以前所未有的速度發展，為客戶提供可靠的服務是我們的首要任務，這促使我們將清潔能源目標從零碳更新為 2050 年的碳中和。我們也正在從中期目標轉變，以更好地反映我們近期對客戶的可靠性和可負擔性的關注，相反，我們將在未來的資源計劃中報告實習進展。我們將依靠綜合資源規劃流程來預測正確的能源結構，並依靠我們的全源 RFP 流程透過最適合、成本最低的資源（包括天然氣、太陽能和儲能等可調度資源）來支持可靠性。

Turning to our regulatory updates, we filed a rate case on June 13. Key components of the filing include a 10.7% return on equity, 1% return on the fair value increment, 52.4% equity layer, and 12 months of post-test year plan. We requested an increase of annual revenue of $580 million with rates to be in effect in the back half of 2026. Since our filing, a procedural schedule has been issued which shows a hearing in May and a final open meeting vote in October of 2026.

談到我們的監管更新，我們在 6 月 13 日提起了利率訴訟。該文件的主要內容包括10.7%的股本回報率、1%的公允價值增量回報率、52.4%的股權層以及12個月的測試後年度計劃。我們要求將年度收入增加 5.8 億美元，稅率將於 2026 年下半年生效。自從我們提交文件以來，已經發布了一份程序時間表，顯示將於 2026 年 5 月舉行聽證會，並於 2026 年 10 月舉行最終公開會議投票。

The rate case supports investments in our energy infrastructure to ensure that all customers continue to receive the reliability they count on and increased resiliency under all weather conditions. We're focused on investments to protect the grid from extreme weather and have invested in programs such as vegetation management, predictive maintenance, and wildfire early detection and mitigation tools.

此費率案例支持我們對能源基礎設施的投資，以確保所有客戶在所有天氣條件下繼續獲得他們所依賴的可靠性和增強的彈性。我們專注於保護電網免受極端天氣影響的投資，並投資了植被管理、預測性維護以及野火早期檢測和緩解工具等項目。

On a related note, HB 2201, the state's wildfire mitigation bill, received bipartisan support from the Arizona legislature and was recently signed into law by Governor Hobbs. The bill requires Arizona utilities to submit comprehensive wildfire mitigation plans to the Arizona Department of Forestry and Fire Management for approval and mitigates wildfire liability risk by defining standards for the wildfire mitigation in Arizona with reference to those plans.

相關消息稱，該州的野火緩解法案 HB 2201 獲得了亞利桑那州立法機構的兩黨支持，並最近由州長霍布斯簽署成為法律。該法案要求亞利桑那州的公用事業公司向亞利桑那州林業和消防管理局提交全面的野火緩解計劃以獲得批准，並參考這些計劃制定亞利桑那州野火緩解標準，以降低野火責任風險。

Lastly, we're laser focused on reducing regulatory lag, controlling costs, and keeping rates as low as possible for our customers. We've proposed a formula rate adjustment mechanism to improve timely recovery of prudent and necessary costs while smoothing out customer bill impacts. In addition, we're proposing adjustments to our existing rate design to ensure new large customers will pay their full cost of service without shifting costs to other customers.

最後，我們專注於減少監管滯後、控製成本並盡可能為客戶降低費率。我們提出了公式費率調整機制，以便及時收回審慎和必要的成本，同時平滑客戶帳單影響。此外，我們建議調整現有的費率設計，以確保新的大客戶支付全部服務費用，而不會將成本轉嫁給其他客戶。

We're focused on building up the grid to serve growth, ensuring reliability for our customers at the lowest cost possible, and executing on our regulatory priorities. We look forward to delivering on our commitment to customers for safe, reliable, and affordable service, especially through the summer season, while also delivering on our commitments to shareholders as well.

我們專注於建立電網以滿足成長需求，以盡可能低的成本確保客戶的可靠性，並執行我們的監管重點。我們期待履行對客戶的承諾，特別是在夏季提供安全、可靠和實惠的服務，同時也履行對股東的承諾。

With that, I'll turn the call over to Andrew.

說完這些，我會把電話轉給安德魯。

Thank you, Ted, and thanks again to everyone for joining us today. This morning we released our second quarter 2025 financial results. I will review those results and provide some additional details on key drivers for the quarter.

謝謝你，泰德，再次感謝大家今天加入我們。今天上午，我們發布了 2025 年第二季財務業績。我將回顧這些結果並提供有關本季度關鍵驅動因素的一些更多詳細資訊。

We earned $1.58 per share in the second quarter, a decrease of $0.18 compared to the second quarter of 2024. Weather, O&M, share issuance, and pension and OPEB non-service credits were the primary negative drivers for the quarter-over-quarter comparison, along with income taxes and D&A. These were partially offset by sales growth and transmission revenue and a gain from an Eldorado equity investment.

我們第二季每股收益為 1.58 美元，與 2024 年第二季相比減少 0.18 美元。天氣、O&M、股票發行、退休金和 OPEB 非服務信貸以及所得稅和 D&A 是季度環比增長的主要負面驅動因素。但銷售額成長、傳輸收入以及 Eldorado 股權投資收益部分抵消了這一成長。

While weather was beneficial for the quarters compared to normal weather, it was less than half the weather benefit we experienced in the second quarter last year. As a reminder, June 2024 was the hottest June on record, contributing much of the quarter-over-quarter drag.

雖然與正常天氣相比，本季的天氣狀況較為有利，但其利好幅度還不及去年第二季的一半。提醒一下，2024 年 6 月是有紀錄以來最熱的 6 月，是造成季度季後拖累的主要原因。

Our sales growth was strong for the quarter, contributing $0.08 of benefit year-over-year, as our weather normalized sales increased 5.2% compared to the second quarter last year, solidly within our guidance range of 4% to 6% and with significant contributions from both residential and C&I customer classes. C&I once again has shown robust sales growth at 8% for the quarter, with the continued ramping of diverse data center and large manufacturing customers in our service territory.

本季我們的銷售額成長強勁，同比貢獻了 0.08 美元的收益，因為我們的天氣正常化銷售額與去年第二季度相比增長了 5.2%，穩固地處於我們 4% 至 6% 的指導範圍內，並且住宅和 C&I 客戶類別做出了重大貢獻。本季度，C&I 再次實現了 8% 的強勁銷售成長，我們服務區域內各種資料中心和大型製造業客戶的數量持續增加。

We experienced 2.4% customer growth in the second quarter, and Arizona's economic backdrop remains strong. We continue to see strong in migration and population growth, with Phoenix ranking in the top three among the 50 hottest new home markets for 2025, according to Zonda, a national housing market data firm.

我們第二季的客戶數量成長了 2.4%，亞利桑那州的經濟背景依然強勁。我們繼續看到強勁的移民和人口成長，根據全國房屋市場數據公司 Zonda 的數據，鳳凰城在 2025 年 50 個最熱門的新房市場中排名前三。

In addition, according to recent US census population estimates, multiple cities within our service territory have seen tremendous growth over the past five years, with Buckeye, Goodyear, Surprise, and Coolidge, all exceeding 15% population growth. This cost growth included a surge in new home builds and new meter sets. In fact, meter sets through the first half of the year are on a similar pace to last year, which was the highest number of new meters in over a decade.

此外，根據最近的美國人口普查人口估計，我們服務區域內的多個城市在過去五年中都經歷了巨大的增長，其中七葉樹、固特異、瑟普賴斯和庫利奇的人口增長率均超過 15%。成本增長包括新建住宅和新電錶數量的激增。事實上，今年上半年電錶安裝速度與去年相似，去年是十多年來新電錶安裝數量最多的一年。

Also of note in Phoenix, inflation and unemployment both remain below national averages. This provides us confidence in our current long-term sales growth guidance of 4% to 6% through 2027. We continue to monitor overall economic trends both locally and nationally, and we'll take them into consideration for future updates.

值得注意的是，鳳凰城的通貨膨脹率和失業率均低於全國平均。這讓我們對目前的長期銷售成長預期（到 2027 年將達到 4% 至 6%）充滿信心。我們將繼續監測本地和全國的整體經濟趨勢，並在未來的更新中將其納入考量。

O&M was higher this quarter and year-to-date, while our O&M costs were higher compared to last year, this was largely due to the timing of the planned major outage at our Four Corners plant. Our cost saving measures and lean culture remain a central tenet of our operations, and we continue to anticipate balanced spends aligned with our O&M guidance in the second half of the year. We are also maintaining our goal of declining O&M per megawatt hour while our customer footprint continues to grow.

本季和年初至今的營運和維護費用較高，而我們的營運和維護成本與去年相比較高，這主要是由於我們的 Four Corners 工廠計劃大規模停駛的時間所致。我們的成本節約措施和精實文化仍然是我們營運的核心原則，我們將繼續預計下半年的支出將與我們的營運和維護指導保持一致。在客戶足跡不斷擴大的同時，我們也維持每兆瓦時營運維護成本下降的目標。

We are focused on executing our capital investment program and financing strategy. Our long-term plans remain intact with the passage of the One Big Beautiful Bill Act. We have already begun construction on our Agave and Ironwood projects where we anticipate tax credit benefits, and these key reliability resources are on track to be in service by 2026.

我們專注於執行我們的資本投資計劃和融資策略。隨著《一項偉大的美麗法案》的通過，我們的長期計劃保持不變。我們已經開始建造龍舌蘭和鐵木項目，預計將獲得稅收抵免優惠，這些關鍵的可靠性資源預計將在 2026 年投入使用。

Turning to our financing plan, we issued $800 million in bonds in the second quarter to pay off our 2025 maturities and support our funding strategy. We continue to be deliberate in our financing plan to support a balanced capital structure and balance sheet strength and find advantageous financing opportunities. We are reiterating all other aspects of guidance and given the strong execution of our plan through the first half of this year, we expect that we will end the year in the top half of our full year EPS range of $4.40 to $4.60 per share.

談到我們的融資計劃，我們在第二季發行了 8 億美元債券，以償還 2025 年到期的債務並支持我們的融資策略。我們繼續認真制定融資計劃，以支持平衡的資本結構和資產負債表實力，並尋找有利的融資機會。我們重申所有其他方面的指導，鑑於我們今年上半年計劃的強勁執行，我們預計今年年底的每股收益將達到全年每股收益 4.40 美元至 4.60 美元區間的上半部分。

As always, we are closely monitoring sales growth and weather as we move through the summer. We look forward to continuing to execute our strategy throughout the rest of 2025.

與往常一樣，隨著夏季的到來，我們將密切注意銷售成長和天氣狀況。我們期待在 2025 年剩餘時間繼續執行我們的策略。

This concludes our prepared remarks. I will now turn the call back over to the operator for questions.

我們的準備好的演講到此結束。我現在將把電話轉回給接線員以回答問題。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hey, good morning, good afternoon, team. Thanks for the time. I appreciate it. Nicely done this quarter.

嘿，大家早上好，下午好。謝謝你的時間。我很感激。本季做得很好。

Thanks, Julian. Good morning.

謝謝，朱利安。早安.

Yeah, hey, nice to chat that. Hey, So just if you can elaborate a little bit about today's announcements with ET here in the pipe. I mean can you talk about the opportunity to scale beyond just this RFP here for '28 to '30. Obviously, you've got 2 gigawatts and change there, but the ability to potentially tap into some of the 16 gigawatts of uncommitted queue. I mean it's a big commitment with ET here. I mean, is that really aligning with your participation in just the 2 gigawatts? Or is it more than that in terms of your own generation opportunity that you see?

是的，嘿，很高興聊這個。嘿，那麼你能不能稍微詳細說明一下今天 ET 在管道中發布的公告呢？我的意思是，您能否談談在 28 年至 30 年期間擴大規模的機會，而不僅僅是這個 RFP。顯然，您有 2 千兆瓦的電力，並且還有變化，但有能力潛在地利用 16 千兆瓦的未承諾隊列中的一部分。我的意思是，這對 ET 來說是一個很大的承諾。我的意思是，這真的與您僅參與 2 千兆瓦一致嗎？或者就您自己所看到的生成機會而言，還不只這些嗎？

Yes, Julien, I appreciate the question. A couple of pieces there. This pipe was a critical strategic commitment for us to create a long-term, reliable supply of natural gas that was sort of foundational for us to be able to then build the generation and transmission needed to be able to power the state's growth well into the future. And so this is a really important milestone, and we've been working on it hard and waiting to secure it before being able to officially sort of roll forward and bring clarity on additional transmission and generation projects.

是的，朱利安，我很感謝你的提問。那裡有幾件。這條管道對我們來說是一項重要的戰略承諾，旨在創造長期、可靠的天然氣供應，這為我們能夠建造發電和輸電設施奠定了基礎，為該州未來的發展提供動力。因此，這是一個非常重要的里程碑，我們一直在努力工作，等待確保它能夠正式推進，並明確額外的輸電和發電項目。

Look, it's a big pipeline project, 42-inch design capacity, 1.5 Bcf per day. And APS is the anchor shipper. So we've contracted a volume that we believe supports substantial reliability and growth for many years to come, and we've contracted for the ability to procure even more from the pipe as needed as we both serve committed queue and begin to eat away at that uncommitted queue.

看，這是一個大型管道項目，設計容量為42英寸，每天15億立方英尺。而APS是主力托運人。因此，我們簽訂了一定數量的合同，我們相信這些合同將在未來許多年內支持實質性的可靠性和增長，並且我們還簽訂了合同，以便在我們既服務於承諾的隊列，又開始蠶食未承諾的隊列時，能夠根據需要從管道中採購更多產品。

I think with respect to the RFP, what you've seen from us is we've got just about annual RFPs. And so the one that was put out here for 2,000 megawatts that was targeting a very narrow window of time and really wanting to accomplish two things.

我認為，就 RFP 而言，您從我們這裡看到的是我們幾乎每年都會收到 RFP。因此，這裡提出的 2,000 兆瓦的計劃，目標是在很短的時間內實現兩件事。

One, be able to secure a renewal of existing gas resources that are tolls or PPAs so that we can ensure that capacity for the long term and then marry it up with long-term commitments of new data center growth. But then two, to be able to start to solicit the market for new gas generation and the pipeline will be a key element of that.

第一，能夠確保以收費或 PPA 形式更新現有的天然氣資源，以便我們能夠確保長期的產能，然後將其與新資料中心成長的長期承諾結合起來。其次，能夠開始招攬新天然氣發電市場，而管道將是其中的關鍵要素。

We believe APS is well positioned to have strong ownership opportunities with new gas generation and the total results from this RFP and procurement efforts alongside it could easily exceed two gigawatts, but we'll look to be able to provide more clarity on that as we get later into the year.

我們相信，APS 完全有能力憑藉新的天然氣發電獲得強大的所有權機會，而該 RFP 及其採購工作的總結果很容易超過 2 千兆瓦，但我們希望能夠在今年稍後對此提供更清晰的說明。

Got it. Understood. And then maybe can you speak a little bit to the transmission opportunity here? I mean, look, clearly, accelerating here from, call it, the $350 million level to double that to $700 million by '27. But to your point, you're kind of insinuating that '29 procurement here, you have procurement needs in 2030.

知道了。明白了。那麼，您能否稍微談談這裡的傳輸機會？我的意思是，你看，很明顯，從現在的 3.5 億美元水平到 27 年將翻一番，達到 7 億美元。但就您的觀點而言，您是在暗示，這裡的「29」採購，在2030年就有採購需求。

What's the sale of the opportunity on transmission and then the mayor that we like what you just talked to a second ago on generation, and ultimately, what do you guys provide a reveal of longer-term CapEx because almost everything we're talking about here is beyond the scope of what you guys suppose technically or officially disclosed today in the medium term.

傳輸方面的機會銷售情況如何？然後市長，我們喜歡你剛才談到的關於發電的問題，最後，你們提供了哪些長期資本支出的披露，因為我們在這裡談論的幾乎所有內容都超出了你們今天在技術上或官方披露的中期範圍。

Yeah, Julien, that's correct in the sense commensurate with the continued growing generation portfolio. We also expect a continued growing transmission portfolio. And transmissions key for really three reasons. One, as we build new generation, we're going to need to invest in new transmission and connect that with customer demand.

是的，朱利安，從與持續成長的發電組合相稱的意義上來說，這是正確的。我們也預期傳輸產品組合將持續成長。傳動之所以如此關鍵，主要有三個原因。首先，隨著我們打造新一代產品，我們將需要投資新的傳動系統並將其與客戶需求連結。

Two, we've got a substantial need within the service territory to continue to expand the capacity and resiliency of the existing system, which is part of what's driven the capital program for transmission to more than double here in the recent period.

二，我們在服務區域內有龐大的需求，需要持續擴大現有系統的容量和彈性，這也是近期輸電資本計畫增加一倍以上的部分原因。

But then three, on top of that higher run rate going forward, we expect that there will be an opportunity for large regional transmission investments to give us access to the marketplace even outside of the Phoenix Metropolitan area both access to the market for low-cost energy but also access to additional generation that may continue to provide a balanced energy supply into Phoenix.

第三，除了未來更高的運行率之外，我們預計還將有機會進行大規模區域輸電投資，使我們進入菲尼克斯都會區以外的市場，既可以進入低成本能源市場，又可以進入可能繼續為菲尼克斯提供平衡能源供應的額外發電市場。

And those will be lumpy over time as most large new transmission projects are, but we view that as above and beyond the current run rate necessary just to support reliability and resiliency. And as we roll forward capital, the next iteration of that likely on our Q3 call, then we'll see opportunities to continue to lean in to transmission over time.

和大多數大型新輸電項目一樣，這些項目隨著時間的推移將會變得不穩定，但我們認為，這超出了目前支持可靠性和彈性所必需的運行率。隨著我們推進資本，下一次迭代可能出現在我們的第三季電話會議上，然後我們將看到隨著時間的推移繼續傾向於傳輸的機會。

But just -- Julien, it's Andrew. To put a little bit around the numbers where we are today, the run rate of transmission, just the local area projects, the core blocking and tackling is in that $300 million to $400 million range. That is a major step up from the $150 million to $200 million we were doing in that space less than five years ago.

但只是——朱利安，我是安德魯。簡單介紹一下我們目前的數字，傳輸的運行率，僅僅是本地區域項目，核心的阻止和處理費用就在 3 億到 4 億美元之間。與我們不到五年前在該領域的 1.5 億至 2 億美元相比，這是一個重大進步。

And then as you think forward, the numbers we've disclosed '25 -- 2025 to 2027, those are the beginnings of some of the strategic transmission projects that we outlined in our strategic transmission plan last year, which was a pretty substantial plan over a decade. And if you think about even the run rate of that plant, it heads point, it is lumpy. But as we -- '25 to '27 is only the beginnings of those projects, to your point, that become operational in the latter part of the decade.

然後當你展望未來時，我們披露的 2025 年到 2027 年的數字，是我們去年在戰略傳輸計劃中概述的一些戰略傳輸項目的開端，這是一個十年來相當實質性的計劃。如果你考慮一下該工廠的運作率，你會發現它的運作率是不穩定的。但正如您所說，25 年至 27 年只是這些計畫的開始，這些計畫將在本世紀後期開始運作。

As we roll things forward, you'll see more detail on those projects, and then you'll start to see some of the projects that are in the strategic transmission plan that we're still evaluating and how those may play out. And those are the longer lead time lumpier projects that Ted was referring to.

隨著我們推進工作，您將看到有關這些項目的更多細節，然後您將開始看到我們仍在評估的戰略傳輸計劃中的一些項目以及這些項目可能如何發揮作用。這些就是泰德提到的那些準備時間較長、難度較高的項目。

Right. So it seems like you're in the transmission investment potential is accelerating into the end of the decade, as you kind of reach more of the COD on the long distance projects?

正確的。因此，隨著您在長距離專案中實現更多的 COD，似乎您在輸電投資方面的潛力正在加速增長到本世紀末？

That's correct.

沒錯。

Excellent. Thank you, guys. I'll leave it there. A lot more to ask, but thank you for the time.

出色的。謝謝你們。我就把它留在那裡。還有很多問題要問，但還是感謝您抽空。

Thanks, Julian.

謝謝，朱利安。

Nick Campanella, Barclays.

巴克萊銀行的尼克·坎帕內拉。

Hey, good morning.

嘿，早安。

Hey Nick.

嘿，尼克。

Or good afternoon if you're in the East Coast, but nice to hear from you. So hey, I think everyone understands that you're in the middle of a rate case -- now we have to go through '26. There's going to be additional lag while we wait for those new rates. Can you just kind of talk about how you expect that lag to evolve '26, '27 and then '28 as we get through the GRC as well as the formula rate plan. Thank you.

如果您在東海岸，那麼下午好，很高興收到您的來信。所以，嘿，我想每個人都明白你正處於利率案件之中——現在我們必須經歷'26。在我們等待新利率時，也會出現額外的延遲。您能否談談，隨著我們完成 GRC 和公式利率計劃，您預計這種滯後將在 26 年、27 年和 28 年如何演變？謝謝。

Yeah. Nick, I think the easiest way to think about that is, obviously, 2026 is key to being able to conclude this rate case. And with better visibility now with the procedural schedule, we expect that to be in the latter part of the year. And importantly, while we look forward to resolving that case, it's still based on the 2024 test year. So day one of new rates in effect still means meaningful regulatory lag, which is why we believe the commission is so focused on wanting to address that for all utilities through the formula rate mechanisms and formulary policy.

是的。尼克，我認為最簡單的思考方式是，顯然 2026 年是解決這項利率案件的關鍵。現在，隨著程序時間表的更加清晰，我們預計這將在今年下半年實現。重要的是，雖然我們期待解決該案件，但它仍然基於 2024 年的測試年份。因此，新費率生效的第一天仍然意味著嚴重的監管滯後，這就是為什麼我們認為委員會如此專注於透過公式費率機制和公式政策為所有公用事業解決這一問題。

And so once the case concludes, the end of '26, then based on the proposed plan of administration, the first ability to file a formula rate adjustment based on updated cost would be then in 2027 and we would expect for that filing to occur by July 31, 2027, based on the proposed plan administration with the new formula rate adjustment in effect by September 1, that will certainly give some relief and update on regulatory lag.

因此，一旦案件在 26 年底結束，那麼根據擬議的管理計劃，首次根據更新的成本提交公式費率調整的能力將在 2027 年，我們預計該申請將在 2027 年 7 月 31 日之前進行，根據擬議的計劃管理，新的公式費率調整將於 9 月 1 日生效，這肯定會緩解和更新監管。

And then 2028 has the potential to be the first full year of those updated costs with then, of course, an annual adjustment going thereafter. So that's how we think about it. But obviously, we've got a agree on that with the commission and go through the stakeholder process through this upcoming case first

2028 年有可能成為這些更新成本的第一個完整年份，之後當然會進行年度調整。這就是我們的想法。但顯然，我們已經與委員會達成了一致，並首先透過即將審理的案件進行利害關係人程序

Okay. That's helpful. And then I guess just to follow up on the last question. Just to be very clear, the Southwest pipeline, you have 2 gigs of committed in the queue right now. And just this pipeline unlocks how much capacity that you could actually serve into the early 2030s if you could just simplistically frame it.

好的。這很有幫助。然後我想繼續回答最後一個問題。需要明確的是，西南管道目前已承諾輸送 2 千兆瓦的天然氣。如果你能簡單地建造它，那麼這條管道就能釋放出到 2030 年代初你可以實際提供的容量。

Yeah. So to be clear, we've got close to 4.5 gigawatts of committed extra high load factor customer demand. And that's a blend of largely data centers as well as large manufacturing like TSMC. That's the committed amount that we are actively working on committed projects under contract, putting steel in the ground to serve.

是的。因此，需要明確的是，我們已承諾滿足近 4.5 千兆瓦的超高負載率客戶需求。這主要是資料中心和台積電等大型製造業企業的混合體。這是我們根據合約積極開展承諾項目的承諾金額，將鋼材埋入地下以供服務。

In addition to that, we're now approaching just under 20 gigawatts of uncommitted queue that has expressed serious interest in new projects within our system, and we're working with that queue on being able to identify new resources to be able to serve them. The pipeline was a critical first step in us then gaining clarity on the ability to reliably commit and serve to the uncommitted queue.

除此之外，我們現在正在處理接近 20 千兆瓦的未承諾隊列，這些隊列對我們系統內的新項目表現出濃厚的興趣，我們正在與該隊列合作，以便能夠識別新資源來為他們提供服務。管道是我們邁出的關鍵的第一步，讓我們能夠明確可靠地提交和為未提交隊列提供服務的能力。

Now that we've got that in place, we're going to continue working and finalize new generation projects that will be able to be allocated to that uncommitted queue and then the transmission associated with that. So I think this pipeline was the first key step. It will certainly be used to help ensure long-term reliability for our committed customers. But a big part of that pipeline, given the magnitude is going to really be used to allow us to start to commit to projects in the uncommitted queue. And I think we'll get more visibility on that later in the year and into next as we announce generation projects and transmission projects to support those uncommitted customers.

現在我們已經準備好了，我們將繼續工作並完成新一代項目，這些項目將能夠分配給未提交的隊列，然後進行與之相關的傳輸。所以我認為這條管道是關鍵的第一步。它肯定會用於幫助確保我們忠實客戶的長期可靠性。但考慮到規模，該管道的很大一部分將真正用於讓我們開始承諾未承諾隊列中的項目。我認為，隨著我們宣布發電項目和輸電項目以支持那些尚未承諾的客戶，我們將在今年晚些時候和明年對此有更清晰的了解。

Okay. That's great. And just one last one, if I could. Just the Eldorado gain. Just was that expected in guidance when you set guidance? Or is that kind of incremental through this year? And otherwise, would you still be at the midpoint. Thanks.

好的。那太棒了。如果可以的話，我再問最後一個問題。只是埃爾多拉多的收益。當您制定指導時，指導中是否預期到這一點？或者說，這是今年以來的增量成長嗎？否則，您還會處於中點嗎？謝謝。

Sure, Nick, it's Andrew. Just by way of background, Eldorado is our nonutility -- nonregulated business. It is some legacy investments that were to invest in energy infrastructure and some community projects over the years. And I -- became profitable over the last year. It's a electric switch -- company actually serves the data center market, among others.

當然，尼克，我是安德魯。僅從背景來看，Eldorado 是我們的非公用事業公司—非監管業務。這是多年來對能源基礎設施和一些社區項目的遺留投資。而我在去年就獲利了。它是一個電動開關——公司實際上服務於資料中心市場等。

And so we've had to recognize some gains related to the increased profitability in that investment. It's something that we monitor quarter-to-quarter because it's an earn investment under an equity investment method of accounting, it's not something that is part of the core business is not something that we plan for when we budget.

因此，我們必須承認與該投資獲利能力提高相關的一些收益。這是我們逐季度監控的事情，因為根據股權投資會計方法，這是一項盈利投資，它不是核心業務的一部分，也不是我們在預算時計劃的事情。

And so while it's been nice to see some tailwinds from it this year, which have contributed to -- among many other factors that contribute to our ability to have confidence in the upper end of our range. It's not something that is really part of that core that we're focused on for the long term.

因此，雖然今年看到一些順風是件好事，但這也促成了——在許多其他因素中，我們對我們的範圍上限充滿信心。這其實並不是我們長期關注的核心內容。

And you've seen us last year, we exited by Canyon business as a way to really emphasize the core. And while SAI has been profitable and a good story this year, it's not something that we're certainly focused on as the core infrastructure investments.

你們去年也看到我們，我們退出了 Canyon 業務，以真正強調核心業務。儘管 SAI 今年實現了盈利，業績也不錯，但我們並沒有將其作為核心基礎設施投資的重點。

Okay. That makes sense. Thank you.

好的。這很有道理。謝謝。

Paul Patterson, Glenrock Associates.

保羅·帕特森（Paul Patterson），Glenrock Associates 公司。

Hey.

嘿。

Hi, Paul.

你好，保羅。

So a lot of stuff has been covered, but I just have one really sort of technical question. On the solar on your slides, the solar power plant performance it looks like for the six months and three months, it's -- the performance is down, I guess, from 36% to 26%. Can you just tell me what that is?

我們已經討論了很多內容，但我只有一個技術性問題。關於幻燈片上的太陽能，太陽能發電廠六個月和三個月的性能看起來是 - 我猜性能下降了，從 36％ 到 26％。你能告訴我那是什麼嗎？

Yeah, Paul, I think that's really referring to peak value or peak demand. And really, that's just reflecting that the more solar you install the less capacity is there to be able to serve peak demand. So that's well within our resource planning assumptions and consistent with what we would expect.

是的，保羅，我認為這實際上指的是峰值或峰值需求。事實上，這只是反映出安裝的太陽能越多，滿足尖峰需求的容量就越少。所以這完全符合我們的資源規劃假設，而且與我們的預期一致。

So it's like a curtailment thing?

所以這就像是削減的事情？

No, it's not curtailment. It's just a factor of total capacity installed and the amount of that's actually serving peak energy demand. But the solar facilities that we have in our utility scale facilities. They're performing well and performing as expected.

不，這不是削減。這只是總安裝容量和實際滿足尖峰能源需求的容量的一個因素。但是我們在公用事業規模的設施中擁有太陽能設施。他們表現良好，符合預期。

Okay. So it's -- okay, I got you. I think I get what you're saying. So I guess, it's the way it's sort of laid out here. Okay, that's it. The other guys answered -- asked my questions. Thanks so much.

好的。所以——好的，我明白了。我想我明白你的意思了。所以我猜，這就是這裡的佈局方式。好的，就這樣。其他人回答了我的問題。非常感謝。

Thanks, Paul.

謝謝，保羅。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Hi everyone, thank you.

大家好，謝謝大家。

Hey Travis.

嘿，崔維斯。

Hi there. A lot of questions and follow-ups here on the generation and transmission side. So wondering on the distribution side, as you hit some of these peak demand and continue to see some of this growth, is there upside opportunity in terms of capital investment or other O&M savings, et cetera, at the distribution level?

你好呀。這裡有很多關於發電和輸電的問題和後續問題。因此，在分銷方面，當您達到一些高峰需求並繼續看到這種成長時，在分銷層面，是否存在資本投資或其他 O&M 節省等方面的上行機會？

Yeah, Travis, I appreciate the question. Absolutely. Distribution is directly tied to growth and as we continue to experience strong growth, that puts pressure on continued investments in the distribution system. So I think what you see today is a growing level of distribution investments commensurate with the customer growth we have. And if you look at the quarterly values of customer growth, we've got the highest level of customer additions this past quarter that we've had in the last two years. And the growing distribution category is reflective of keeping up with that growth.

是的，崔維斯，我很感謝你的提問。絕對地。分銷與成長直接相關，隨著我們繼續經歷強勁成長，這將對分銷系統的持續投資帶來壓力。所以我認為您今天看到的是分銷投資水準的成長與我們的客戶成長相稱。如果你看一下客戶成長的季度價值，就會發現我們上個季度的客戶新增數量是過去兩年來最高的。而分銷類別的不斷成長也反映出其與這種成長的同步。

In addition, within distribution, we have resiliency investments because we continuously invest back into the existing distribution system to ensure we're achieving our target of top quartile reliability for all our customers. And that includes new technology to create greater visibility and automation on the distribution grid. In addition to replacing old circuits, adding redundancy and then building new circuits and transformers to keep up with growth. So that's an important part of our capital program, and we believe we'll continue to see growth into the future as we continue to support a growing customer region.

此外，在分銷領域，我們進行了彈性投資，因為我們持續投資於現有的分銷系統，以確保我們為所有客戶實現最高四分位可靠性的目標。其中包括提高配電網可視性和自動化程度的新技術。除了更換舊電路外，還要增加冗餘，然後建造新電路和變壓器以跟上成長的步伐。這是我們資本計畫的重要組成部分，我們相信，隨著我們繼續支持不斷增長的客戶區域，我們將繼續看到未來的成長。

The last thing I'd say is from a peak demand standpoint or a customer count standpoint, while we may be a midsize utility, we actually have the fifth largest service territory from a Square Mile standpoint of our peers. And that means it's a big distribution system. And so there's a lot of investment opportunity just to ensure we're maintaining reliable service to our customers over the long term.

我最後要說的是，從尖峰需求或客戶數量的角度來看，雖然我們可能是一家中型公用事業公司，但從平方英里的角度來看，我們的服務區域實際上是同業中第五大。這意味著它是一個大型分銷系統。因此，我們有許多投資機會，以確保我們長期為客戶提供可靠的服務。

Okay. That's great. And then real quick on the rate case. Anything in your initial conversations or putting together the request that you think will be more contentious or less contentious with all the stuff that you've got in there?

好的。那太棒了。然後快速討論利率狀況。在您最初的談話中或在提出請求時，您認為您所提出的所有內容會引起更多爭議還是更少爭議？

I think the case was filed as expected. But importantly, this case includes two elements that are, I'll call it, unique and above and beyond what you would expect from a standard rate case filing. So the three key components for the case is the standard component, which is simply seeking recovery to make up for the revenue deficiency.

我認為該案件已按預期提起。但重要的是，這個案件包含兩個要素，我稱之為獨特的，超出了你對標準費率案件提交的期望。因此，該案件的三個關鍵要素是標準要素，即簡單地尋求追償以彌補收入不足。

The second component, though, is to provide a proposal consistent with the commission's policy statement for transitioning to a formula rate plan going forward. And -- we filed our case consistent with the outcome of the workshops that were held last year and with the design that incorporated a lot of feedback from stakeholders along the way.

不過，第二部分是提供與委員會政策聲明​​一致的提案，以便未來過渡到公式利率計畫。並且——我們根據去年舉行的研討會的結果以及吸收了大量利益相關者回饋的設計提出了我們的案例。

So it'd be unfair to say everyone agrees with the details of that plan, but it does incorporate a lot of the feedback that was considered last year, and we look forward to working with stakeholders and the commission on finalizing the details of that.

因此，說每個人都同意該計劃的細節是不公平的，但它確實吸收了去年考慮的許多反饋意見，我們期待與利益相關者和委員會合作，最終確定該計劃的細節。

The third component importantly is on the minds of many, and that is a proposal for adjusting rate design to ensure that our new large customer additions are paying their fair share of the infrastructure required and preventing a cost shift to other customer classes. And that's an important element of this case that's particularly important now, given the sizable additions of customers and infrastructure to support that new growth. And I know that's top of mind for many utilities across the country, and we believe it's paramount to ensure affordability for our existing customer base going forward.

第三個重要組成部分是許多人關注的，那就是調整費率設計的建議，以確保我們新增的大客戶能夠公平地承擔所需的基礎設施費用，並防止成本轉移到其他客戶類別。這是本案的一個重要因素，現在尤其重要，因為需要大量增加客戶和基礎設施來支持新的成長。我知道這是全國許多公用事業公司最關心的問題，我們認為確保現有客戶群未來能負擔電費至關重要。

So those are the three elements. I wouldn't say there's any aspect of that stands out is overly contentious, but there are two key components that are above and beyond what you would normally expect in just a standard rate case filing.

這就是三個要素。我不會說其中有任何突出的方面存在過度爭議，但有兩個關鍵要素超出了你在標準費率案件提交中通常所期望的範圍。

Sure, yeah. Okay. And then could the commission break those out such that they would might approve parts of any of those three?

當然，是的。好的。那麼委員會是否可以將這些分開，以便他們可以批准這三個部分中的任何一個？

Well, I suppose anything is possible. I don't know if that would be the most efficient way, though, to process this case, and we fully expect to have a standard hearing process, and it probably makes sense then while you have an administrative law judge and all the stakeholders weighing in through a formal hearing to ensure that everyone has the opportunity to produce evidence and testimony to debate and support all three of those elements. So we believe that's likely how the commission is thinking about it, and that's certainly the way we believe is the most efficient way to process this filing.

嗯，我想一切都有可能。我不知道這是否是處理此案最有效的方式，我們完全希望有一個標準的聽證程序，這樣當有行政法官和所有利益相關者通過正式聽證會進行權衡時，這可能是有意義的，以確保每個人都有機會提供證據和證詞來辯論和支持所有這三個要素。因此，我們相信委員會很可能就是這麼考慮的，而且我們認為這是處理此文件最有效的方式。

Yeah, great. Okay. Well I appreciate the thoughts.

是的，很棒。好的。嗯，我很感激你的想法。

Thank you.

謝謝。

Sophie Karp, KeyBank.

索菲·卡普（Sophie Karp），KeyBank。

Hey, good morning, guys. Thank you for taking my question.

嘿，大家早安。感謝您回答我的問題。

Morning, Sophie.

早安，蘇菲。

A lot of growth happening in your territory, some of which you're highlighting through volume growth as well as customer growth, et cetera. At what point do you think your kind of rate case CAGR begins to inflect to the upside? And how do you think about the timing of maybe quantify it for investors given the rate case and all the other moving parts that you have?

您所在的地區正在發生很多成長，其中一些成長是透過銷售成長以及客戶成長等來強調的。您認為您的利率狀況複合年增長率在什麼時候開始向上轉變？考慮到利率情況和所有其他變動因素，您如何看待為投資者量化利率的時機？

Hi Sophie, it's Andrew. Yes, I think a lot of the key things that Ted highlighted earlier on are critical to think about the long run rate that we have from both a customer growth perspective and a CapEx perspective. And that is the sort of new area where we're looking at some of these larger generation investments that we can make, and that's -- we talked about the pipeline kind of unlocking the opportunity to begin to look at those.

你好，蘇菲，我是安德魯。是的，我認為 Ted 先前強調的許多關鍵事項對於從客戶成長角度和資本支出角度考慮我們的長期利率都至關重要。這是一個新領域，我們正在研究一些可以進行的更大規模的發電投資，這就是——我們談到了管道，它釋放了開始研究這些投資的機會。

And then as we think about accessing new resources from afar, some of these transmission projects that are above and beyond the run rate that we've been talking about. And because they are larger projects, we've started to give more information in our disclosure around the quip aspect of some of these longer lead time projects that may not show up in rate base in such a narrow window that we show, which right now is $25 million to $27 million I think you pointed to the rate case as an important milestone given the formula rate that Ted just talked about, gives us the opportunity to look at all capital on an even playing field because you'll have very consistent cost recovery across different asset types.

然後，當我們考慮從遠處獲取新資源時，其中一些傳輸項目的運行率已經超出了我們一直在談論的運行率。而且由於它們是較大的項目，我們已開始在披露中提供更多信息，涉及一些較長交付週期項目的 quip 方面，這些項目可能不會在我們顯示的如此狹窄的窗口內顯示在利率基礎中，目前是 2500 萬至 2700 萬美元，我認為您指出利率案例是一個重要的里程碑，因為 Ted剛才談到的公式利率讓我們有機會在公平的競爭環境中審視所有資本，因為您將在不同的資產類型中獲得非常一致的成本回收。

And I think we'll have better visibility into that the cadence of the long-term CapEx spend really across the different parts of our business. And so we haven't made any determinations around elongating that CapEx disclosure but certainly expect to roll it forward in the ordinary course the way we would typically in the third quarter. And as we've developed these strategic transmission projects continue to work, as Ted said, on the generation opportunities unlocked by the pipeline, we'll be able to provide more information as we go forward.

我認為我們將能夠更好地了解我們業務各個部分的長期資本支出節奏。因此，我們尚未就延長資本支出揭露做出任何決定，但肯定希望按照我們在第三季通常的方式在正常情況下繼續進行。正如泰德所說，隨著我們開發這些策略性輸電項目，我們將繼續利用管道釋放的發電機會，在未來提供更多資訊。

Got it, thank you. And then I don't know if I missed it maybe in the prepared remarks, Ted, but are you quantifying your kind of larger customers pipeline? In terms of maybe load study requests or however else you may quantify it?

知道了，謝謝。然後，我不知道我是否在準備好的發言中遺漏了這一點，泰德，但是您是否量化了您的大型客戶管道？就負載研究請求而言，或者您可以以其他方式量化它？

Sophie, I think if I understood you right, have we quantified the potential customer commitments that are available through the uncommitted forgive me if I misunderstood your question, but we've got about 4.5 gigawatts of committed customers that fall into the category of -- we consider extra high load factor customers or significant large commercial customers and that's made up of largely data centers and large manufacturing. But in addition to that, we've got nearly 20 gigawatts of customer requests in an uncommitted queue.

索菲，如果我理解正確的話，我們是否已經量化了透過未承諾獲得的潛在客戶承諾？如果我誤解了你的問題，請原諒我，但我們有大約 4.5 千兆瓦的承諾客戶，這些客戶屬於 - 我們認為是超高負載率客戶或重要的大型商業客戶，主要由資料中心和大型製造業組成。但除此之外，我們還有近 20 千兆瓦的客戶請求處於未提交佇列。

And the pipeline was a critical infrastructure commitment that we wanted to secure and get visibility to before we start to then get further on new generation or transmission build necessary to be able to then start to contract in that uncommitted queue. Now that we've got the pipeline secure, I think we'll be able to begin in earnest working with some of those customers and associating their needs with new generation or transmission projects.

管道是一項關鍵的基礎設施承諾，我們希望在開始進一步推進新一代或傳輸建設之前確保其安全並獲得可見性，以便能夠開始在未承諾的隊列中簽署。現在我們已經確保了管道安全，我想我們將能夠開始認真地與其中一些客戶合作，並將他們的需求與新一代或輸電項目聯繫起來。

Terrific. Thank you so much. That's all for me.

了不起。太感謝了。對我來說就這些了。

Thanks, Sophie.

謝謝，索菲。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Hi, everybody.

大家好。

Hi, Ryan.

你好，瑞安。

One clarifying question. In relation to the anchor shipper relationship, what's the risk for shareholders and repayers if the uncommitted growth projects don't materialize? Or is there any color around how to phrase the risk profile, recognizing that there's a lot of growth potential. I'm just trying to understand the potential risk if some of that doesn't materialize?

一個澄清的問題。就主要承運人關係而言，如果未承諾的成長項目未能實現，股東和償還人將面臨什麼風險？或是否有關於如何表達風險狀況的細節，以認識到存在很大的成長潛力。我只是想知道如果其中一些沒有實現，會有什麼潛在的風險？

Yeah. Ryan, I think the easiest way to think about that is even if you had no uncommitted queue, this pipeline was still necessary to secure long-term reliability with the most affordable resources possible for our existing customers and the customers that we've already committed to serve.

是的。瑞安，我認為最簡單的思考方式是，即使沒有未提交的隊列，這條管道仍然是必要的，以便為我們的現有客戶和我們已經承諾服務的客戶提供盡可能最實惠的資源，從而確保長期可靠性。

So while there's upside for us to be able to procure even additional capacity on this pipeline -- the pipeline was essential even just to serve our existing customer base and those that we're currently building out to serve in the committed queue. And as a result, we believe that this pipeline is easily demonstrated as prudent and necessary to support reliability now and for the long term.

因此，雖然我們能夠在這條管道上採購額外的容量，但這條管道對於我們現有的客戶群以及我們目前正在建立的承諾隊列中的客戶群來說是必不可少的。因此，我們相信，這條管道很容易被證明是謹慎的，並且對於現在和長期的可靠性來說是必要的。

Thank you. And just a follow-up, are there contractual rights to be able to expand your capacity if needed and the growth materializes at pre negotiated tariff rates? Or is that subject to future negotiations?

謝謝。再問一個問題，如果需要的話，是否有合約權利可以擴大產能，並且成長是按照預先協商好的關稅稅率實現的？或者這有待未來談判？

We've commercially secured the ability to flex up capacity procurement.

我們在商業上已經確保了靈活提高產能採購的能力。

Okay. Great. Thanks for taking the questions.

好的。偉大的。感謝您回答這些問題。

Thank you, Ryan.

謝謝你，瑞安。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Thank you very much, and congratulations on the quarter.

非常感謝，並祝賀本季取得佳績。

Thanks, Paul.

謝謝，保羅。

Given the fact that you guys are currently in a rate case, when should we expect that you would give 2026 guidance?

鑑於你們目前正處於利率案例中，我們應該何時預期你們會給予 2026 年的指引？

Paul, it's Andrew. Typically, as you alluded to in a rate case, just given -- I started to over the timing of its conclusion, we wouldn't normally provide earnings guidance. But as Ted mentioned in the prepared remarks, we now have the procedural schedule, and we expect rates -- we expect a hearing in the fourth quarter. And as a result, you're talking about next year being, for the most part, pretty much regular way. So we would expect to be in a position to provide earnings guidance for 2026 based on that procedural schedule. And we would typically provide earnings guidance on the third quarter call.

保羅，我是安德魯。通常，正如您在利率案例中提到的那樣，考慮到——我開始討論其結束的時間，我們通常不會提供獲利預測。但正如泰德在準備好的發言中提到的那樣，我們現在有了程序時間表，我們預計利率——我們預計在第四季度舉行聽證會。因此，您所說的明年的情況在很大程度上將與往年基本一致。因此，我們希望能夠根據該程序時間表提供 2026 年的獲利預測。我們通常會在第三季電話會議上提供獲利預測。

Great. That's it for me. Thank you.

偉大的。對我來說就是這樣。謝謝。

Thanks, Paul.

謝謝，保羅。

Thank you. That completes our Q&A session. Everyone, this concludes today's event. You may disconnect at this time.

謝謝。我們的問答環節到此結束。各位，今天的活動就到這裡了。您現在可以斷開連線。